Weekly independent. [volume] (Elko, Nev.) 1887-1914, 1887-12-04


We are ln reo.itA q q sifrIr headed
., -l.,,s Ani sntiil . "a u.b Soc rst
Q sitss ani T. usiaaiins w National
B,hk sy.irai" ~ !oAu nsamrsYn.
v,es frsilsni u she Ch.ss S,,.oaal
Hank. M.r soris rsma'k. on ths dIi
Q rsn, siai. - @,avy anI jrspiug .
ssatrsst 1sissyn teal money aud to- u
m"nsy. Va ~hish NtiInFl BsEs NOTES
sVr ~isignstgd as rial n4oney. NI.
ThnmI'son sAy-i
~sifingsScy v sl~ays iGt.nSih.d by
b ,ariinR. anl the smaller the N,lnulc
81 reel mousy the mot, active this dat
g-ruus Il ment becomes. Therefore. Il
iyeomsS . nrrsssity To devise some ~
that Sil give ~ more real money
lioS this ia u be lone ~ Que nt the
Questions .hich all come hr!ute Coz
gnrs', aui !, Ntry interesting 10 eYrn
hasirsSs msn--yrs, every Am,rcAu
citizen"
4 method Ia ohAlked Out Tor the &c.
c"mIl. shmunt ot tile plan To give "a
more real money. the ir.t prOppsi-
tipu Of which il a. follh~s'
''Psrmit the banks to discontinue the
deposit Of Government bonds a. security
for currency"
Without going my further the above
il sufficient Ia condemn the scheme iu
the estimation Of anyone not p~ecuniari-
u interested In National Banks. for
Will Ne have always III that scch
lauks are accorded peculiar privilege,
10y thc ipyrrnrneut aud hence arc not
conducted In the interest of the people
hut rather for the b+nrht of Ia. shar,-
hollrrs, yet the fact that they are com
I~ll1l To make their circulation ah,o-
lltriy sac IN the hands of the peoIlc by
~ deposit Of United States Bonds with
tae Treasurer Of the United States, il
the only rcdreming feature Of the in,ti.
tuition. Take this safeguard away mud
what Lave We mOrr than u banking sys,
tenn simil " in op nation TO that which oh.
tanned years ago when every business
man wns comp, He'd To keep u Bank
Note Reporter at haul which was con.
suited whenever u hill Wa presented Ia
order tn fiud out what commercial value
1t had. Mr.. Thompson cou,lulrs hi,
Hrticl AZ follows:
"Shoul ! tho suggested amendments
to the bank act be adopted, it is my
estimate that in three years 800 millions
ot National bank note currency will be
in circulation and the guarantee fund
VIII exceed ten millions Of dollars.
When this fund becomes unnecessarily
urge (as il surely willy u iudicious
portion Of il could be covered iuto the
Treasury"
No better argument against tho adop-
ton OF the proposed amendments coul |
lie offered than tho above paragraph.
What interest is it to the peorl, of the
United states that Tue National Bank
system shoull be- ''pcrpetuntcd." or
that they shout he permitted to float n
circulation Of 500 millions? Most as
saredly il all restraint was removed
from these banks the circul ttion worll
become unnecessarily large" The
scheme IL one wholly in tho interest of
the National Banks and we have too
much faith in the integrity Of Congress
to believe that this pernicious scheme
will ever be adopted.
That n paper currency IL essential in
tue transaction of the vast business Of
the country IN apparent to every I%ntrlli-
gent mind; aud that this currency
shoGli be issued directly 10y the United
States in the shape OF Silver Certificates,
Coll Certificates and GrcenbackS, re-
decmnblc in coin ut the pleasure Of thu
holder, We believe ia equally apparent
to nine teuths OF the people OF this
Government, outside OF the hol lers of
National Bank stock. We nre opposed
to the ''perpe;uation" OF the National
'uk system, opposed to tho chartcring
OF new banks or the extension of THO
charters OF those already existing, and
III st decidedly in favor of W ipiug out
the whole system Rs soon as it can DO
done 10y compellin g all existing National
Banks to wind up their affairs OH tho
e%.Pimlion Of their respective char
tirs.